The intention of EU regulation can be lost when it passes through Parliament

“We know not all regulation is greeted with applause, but inconsistencies in approach result in greater costs,” said Maijoor, chair of the European Securities and Markets Authority (Esma). “Getting to a common system is felt as a burden for individuals but it is worth it for the benefits that come from the single market.”

He added that for bond markets in particular, better transparency was needed as until recently, securities regulators have effectively...